Insta
Paytm Rolls Out “Offer For Sale” To Its Employees Ahead Of Its $3 Billion Mega IPO Later This Year
PayTM
Digital payments giant Paytm has sent an offer for sale (OFS) to its employees as the company is laying the groundwork for its forthcoming $3 billion worth initial public offering (IPO) towards the end of this year.
This OFS will allow Paytm’s staff to sell their shares as part of this IPO, which could potentially be the largest ever debut in the country’s stock market.
They will be able partake in the IPO by giving their consent to offer the whole or a part of their equity shares. However, the notice clarifies that shares that will not be sold in the offering will be locked-in for a year-long period.
On the other hand, the pro-rata basis will be applied provided that the current stakeholders desire to sell more aggregate of shares that the limit permitted during the IPO.
However, this decision needs to be rounded upon prior to the filing of the first offering documents to the Securities and Exchange Board of India (SEBI), Business Standard reports.
The e-commerce company’s board has given its approval to the offering plans in principle. It is currently in the process of finalizing the draft red herring prospectus that is slated to be filed in the first week of July.
Support Swarajya's 50 Ground Reports Project & Sponsor A Story
Every general election Swarajya does a 50 ground reports project.
Aimed only at serious readers and those who appreciate the nuances of political undercurrents, the project provides a sense of India's electoral landscape. As you know, these reports are produced after considerable investment of travel, time and effort on the ground.
This time too we've kicked off the project in style and have covered over 30 constituencies already. If you're someone who appreciates such work and have enjoyed our coverage please consider sponsoring a ground report for just Rs 2999 to Rs 19,999 - it goes a long way in helping us produce more quality reportage.
You can also back this project by becoming a subscriber for as little as Rs 999 - so do click on this links and choose a plan that suits you and back us.
Click below to contribute.
Latest
